New Delhi: In a bid to bury the ghost of retrospective taxation , the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund about Rs 8,100 crore collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws (Amendment) Bill, 2021’ in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation on indirect transfer of Indian assets prior to May 28, 2012. “It is also proposed to refund the amount paid in these cases without any interest thereon,” the bill said. Besides creating uncertainly in minds of investors, the retrospective taxes have in recent months been overturned by international arbitration tribunals in two high profile cases — UK telecom giant Vodafone Group and oil producer Cairn Energy. While there was no substantial amount involved in the Vodafone case, in the case of Cairn Energy the tribunal had asked the Indian government to return the value of the shares it had seized and sold, tax refund withheld and dividend confiscated to enforce the retrospective tax demand. With the government refusing to honour the… Read full this story
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